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Negotiation


Mirror Mirror

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What I learnt when I bought my flat is that you never increase your offer with an estate agent.

You decide your price and then stick to it.

Increasing it once only encourages them

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18 hours ago, Green Devil said:

This is how it works. Once they have offers they use it to bid/bluff other parties.

Usually the agent has a BTLer in the wings, who is happy to wait , and pick up reductions, until the agent calls him with a new offer from a FTB at say 10k under. Then the BLTer knows the game is up and its as low as it will go. Then the agent calls you and says another offer from another party higher. What do you want to do? Then it goes to the BTLer. Agent happy, seller happy, BTLer steals another nice residential home at the bottom price. You at this time think the EA is BSing, which at this time isnt the case as its market is strong (there are both FTB and BTLer). (But not really any upsizers.). My take on how i see the process is going at the moment.

Since BTLer isnt interested in moving into it, time is on his side, unlike FTB whose wasting 1500pm on rent.

For a particular property type / location I can see that being exactly what happens in a lot of cases. Good post.

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3 hours ago, Bakez said:

What I learnt when I bought my flat is that you never increase your offer with an estate agent.

You decide your price and then stick to it.

Increasing it once only encourages them

I don't know, nowadays the first offer is rarely accepted as everyone starts low. It's a minefield xD

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15 minutes ago, spunko2010 said:

I don't know, nowadays the first offer is rarely accepted as everyone starts low. It's a minefield xD

Thatd be on the crap.

If its decent, nice garden family home offer your best offer. Since you know theres gonna be a better offer from a BTLer best get in first and get it off market.

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3 hours ago, Bakez said:

What I learnt when I bought my flat is that you never increase your offer with an estate agent.

You decide your price and then stick to it.

Increasing it once only encourages them

This is my instinct too, although I didnt follow my own advice in my case.

The problem with putting in a low offer, when you are prepared to pay more is that at some stage you're probably going to have to raise your offer. In the case of my failed purchase here, if I had raised my offer again, to counter the alleged higher offer, for all I know, the counter offer would have been raised and then you are in a bidding war, possibly against a fictitious bidder.

As it turned out, the other offer was genuine as the house is now SSTC, but you dont know that for sure until its too late. As Spunko says, its a minefield.

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16 minutes ago, Mirror Mirror said:

This is my instinct too, although I didnt follow my own advice in my case.

The problem with putting in a low offer, when you are prepared to pay more is that at some stage you're probably going to have to raise your offer. In the case of my failed purchase here, if I had raised my offer again, to counter the alleged higher offer, for all I know, the counter offer would have been raised and then you are in a bidding war, possibly against a fictitious bidder.

As it turned out, the other offer was genuine as the house is now SSTC, but you dont know that for sure until its too late. As Spunko says, its a minefield.

Compromise is low offer (hopefully reset expectations or on off chance it is accepted) then just the one upped offer and done with it at the limit price.  Least wasted time, a sop to some sort of bargaining and then move on to next place.

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1 hour ago, Mirror Mirror said:

This is my instinct too, although I didnt follow my own advice in my case.

The problem with putting in a low offer, when you are prepared to pay more is that at some stage you're probably going to have to raise your offer. In the case of my failed purchase here, if I had raised my offer again, to counter the alleged higher offer, for all I know, the counter offer would have been raised and then you are in a bidding war, possibly against a fictitious bidder.

As it turned out, the other offer was genuine as the house is now SSTC, but you dont know that for sure until its too late. As Spunko says, its a minefield.

The ideal way here is quite difficult to come across with the current market and cheap credit. The only other way would be to find a house nobody wants and you'll know you're the only interested party from the outset.

If you're after a home in a decent location and in general good nick then bidding wars are part and parcel! Either that or wait for interest rates to rise...

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  • 1 month later...
M S E Refugee

I have just sold my house by accident,it was up for sale last year and a women who viewed it when it was up for sale wrote me a letter a few weeks ago wanting to buy it and we accepted her offer.

We put in a couple of low offers that were turned down on a run down cottage on a good size plot that has been up for sale for a few months at £125000.

Our last offer was for £115000 that wasn't turned down or accepted by the vendor,now after no interest they have received a competing offer of £120000.

We have countered with £122500 but I am rather dubious to whether the estate agent has really had another offer,could I ask the estate agent to prove that there has been another offer.

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Long time lurking
8 hours ago, M S E Refugee said:

I have just sold my house by accident,it was up for sale last year and a women who viewed it when it was up for sale wrote me a letter a few weeks ago wanting to buy it and we accepted her offer.

We put in a couple of low offers that were turned down on a run down cottage on a good size plot that has been up for sale for a few months at £125000.

Our last offer was for £115000 that wasn't turned down or accepted by the vendor,now after no interest they have received a competing offer of £120000.

We have countered with £122500 but I am rather dubious to whether the estate agent has really had another offer,could I ask the estate agent to prove that there has been another offer.

They are working on behalf of the vendor you will only get one answer ,you either go with your hunch and stick to your offer of 115 or go with the higher 

For me i would always ask if they have any offers before offering anything it`s easier to see through the bullshit that way

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15 hours ago, Long time lurking said:

They are working on behalf of the vendor you will only get one answer ,you either go with your hunch and stick to your offer of 115 or go with the higher 

For me i would always ask if they have any offers before offering anything it`s easier to see through the bullshit that way

Every EA will just say "yes" to that, even if it has sat on the market for years.

Trying to second guess an EA never works, just go with your hunch. That will nearly always be right.

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